- Trader sees Ethereum going below $100
- While founder Vitalik Buterin sold $30,000 at the top, he persuaded Ethereum Founded to sell their 70,000 ETH too
- Buterin was “relieved” of cryptos’ crash from ATH because the market didn’t “deserve” to be worth half a trillion dollars
Ethereum price is currently down 91% from its all-time high of $1,570 in January 2018.
At the time of writing, ETH has been trading at $141, as per Coincodex. In the past month, ETH lost 23% of its value and is up by only 3.47% against the USD in 2019 to date but down 44.60% in the BTC market.
However, for Ether, the pain might not be over yet.
TraderSZ sees ETH/USD going to $100 next adding, “I think 100 is conservative, reckon it goes lower.”
This will certainly rekt the ETH/USD longs but not Ethereum co-founder and Ethereum Foundation. They are pretty safe given that they sold their ETH at the top.
In a recent conversation with Thiel Capital’s Eric Winstein, Buterin shared that the Foundation sold 70,000 ETH at its peak.
“I did get the Ethereum Foundation to sell 70,000 ETH like basically at the top and that’s doubled our runway now, so it was one good decision that had a lot of impact,” said Buterin in response to the interviewer asking him how he felt about his net-worth crashing.
Selling 70,000 around the top means, their ETH would have been worth about $100 million.
Buterin was actually “relieved” because the cryptocurrency space didn’t “deserve” to be worth half a trillion dollars.
The interviewer then asked if he shorted Ether. Buterin didn’t but he persuaded Ethereum Foundation to sell Ether. He didn’t mention that he sold a bit of Ether too.
In December 2017, Buterin himself sold his 30,000 ETH when they worth about $22 million. It has been just days after Litecoin founder Charlie Lee sold all of his LTC, with the price then crashing by around 50%.
It makes sense that such a sell pressure would have actually made the cryptocurrencies top out and pushed prices to the downside.
Dev: I sold 20% of the supply at the top.
Nah fam, you created a bearish engulfing candle with significant sell volume that ruined the bullish market structure that scared retail bulls away.
— Jacob Canfield (@JacobCanfield) December 16, 2019
The Ethereum Foundation apparently also sold another $1.5 million worth of ETH in the past three months. Earlier this month, there have also been reports of EF stopping funding for some developer teams.
“Ethereum Foundation is planning to stop funding for most of the internal teams in the next year,” said Nina Breznik, an ETH developer. Though, Ethereum Foundation’s communications lead called it “completely untrue.”